Holden remains unaffected by GM bankruptcy

Holden remains unaffected by GM bankruptcy

Holden remains unaffected by GM bankruptcy

Holden are set to continue normal operations in Australia and New Zealand and does not expect changes to its business after General Motors announced its bankruptcy in the US. “Operations at Holden are unchanged in Australia and New Zealand and we expect it to remain that way,” Holden Chairman and Managing Director, Mark Reuss, said yesterday.

“GM has clearly stated that all of its businesses in the Asia Pacific region — and that includes Holden — continue normal operations and are not directly impacted by this process in the US. “No operations outside the US are included in the court filing or court supervised process. “Holden is a subsidiary of GM but we are a corporate entity in our own right — an independent company under Australian law. “Beyond that, GM has indicated that Holden will be an important part of the New GM. “We intend to maintain our focus on Holden product programs and activities. “That means technology improvements to our Commodore range, launching the all-new Holden Cruze this month, and the introduction of our locally-built fuel efficient, four cylinder small car next year.

“We continue to run full operations at Elizabeth and Port Melbourne, producing cars for our 300-strong independent dealer network. “We don’t anticipate this decision will have any direct impact on Holden’s workforce, dealers, or suppliers. “Holden customer warranties are not affected. We wouldn’t normally issue statements to highlight nothing has changed, but we appreciate that customers will naturally ask questions about this sort of announcement from the US.” Mr Reuss said Holden would remain informed of developments in the US, a process which had been determined to reinvent General Motors.

“The process being used in the US is unlike Australian and New Zealand law. It is a fast, court supervised process that permits the sale of selected assets to a new entity,” Mr Reuss said. “Unlike court-controlled processes in many other countries, US chapter 11 allows GM to deal with the financial issues that have built up over many years and for New GM to emerge as a healthier business, better able to deal with the challenges of today and tomorrow. “It does not mean ceasing to trade.” Pending approvals, the New GM is expected to launch in about 60 to 90 days as a separate and independent company from the current GM, with two distinct advantages: it will be built from only GM’s best brands and operations, and it will be supported by a stronger balance sheet due to a significantly lower debt burden and operating cost structure than before.

GM has previously indicated it is negotiating with prospective buyers for the Saab and Hummer brands. GM is working closely with dealers, including those in Australia and New Zealand, to continue delivering vehicles and maintaining aftersales and servicing requirements.

Holden remains unaffected by GM bankruptcy

Holden are set to continue normal operations in Australia and New Zealand and does not expect changes to its business after General Motors announced its bankruptcy in the US. “Operations at Holden are unchanged in Australia and New Zealand and we expect it to remain that way,” Holden Chairman and Managing Director, Mark Reuss, said yesterday.

“GM has clearly stated that all of its businesses in the Asia Pacific region — and that includes Holden — continue normal operations and are not directly impacted by this process in the US. “No operations outside the US are included in the court filing or court supervised process. “Holden is a subsidiary of GM but we are a corporate entity in our own right — an independent company under Australian law. “Beyond that, GM has indicated that Holden will be an important part of the New GM. “We intend to maintain our focus on Holden product programs and activities. “That means technology improvements to our Commodore range, launching the all-new Holden Cruze this month, and the introduction of our locally-built fuel efficient, four cylinder small car next year.

“We continue to run full operations at Elizabeth and Port Melbourne, producing cars for our 300-strong independent dealer network. “We don’t anticipate this decision will have any direct impact on Holden’s workforce, dealers, or suppliers. “Holden customer warranties are not affected. We wouldn’t normally issue statements to highlight nothing has changed, but we appreciate that customers will naturally ask questions about this sort of announcement from the US.” Mr Reuss said Holden would remain informed of developments in the US, a process which had been determined to reinvent General Motors.

“The process being used in the US is unlike Australian and New Zealand law. It is a fast, court supervised process that permits the sale of selected assets to a new entity,” Mr Reuss said. “Unlike court-controlled processes in many other countries, US chapter 11 allows GM to deal with the financial issues that have built up over many years and for New GM to emerge as a healthier business, better able to deal with the challenges of today and tomorrow. “It does not mean ceasing to trade.” Pending approvals, the New GM is expected to launch in about 60 to 90 days as a separate and independent company from the current GM, with two distinct advantages: it will be built from only GM’s best brands and operations, and it will be supported by a stronger balance sheet due to a significantly lower debt burden and operating cost structure than before.

GM has previously indicated it is negotiating with prospective buyers for the Saab and Hummer brands. GM is working closely with dealers, including those in Australia and New Zealand, to continue delivering vehicles and maintaining aftersales and servicing requirements.

« | »

Let us know what you think

Loading Facebook Comments ...

Road Tests

Silver Sponsors

Car and SUV Team

Richard-Edwards-2016Richard Edwards

Managing editor

linkedinphotoDarren Cottingham

Motoring writer

robertbarry-headRobert Barry

Chief reporter

Ian-Ferguson-6Ian Ferguson

Advertising Consultant

debDeborah Baxter

Operations Manager

RSS Latest News from Autotalk

RSS Latest News from Dieseltalk

Read previous post:
Bugatti Veyron 16.4 Grand Sport enters production

Bugatti lovers with scores of cash have been waiting a long time for a convertible Bugatti. The last time Bugatti...

Close